Providence Resources says that Eni has farmed into Frontier Exploration Licence 3/04 (Dunquin).

Under the terms of the farm-in agreement, Eni will assume a 40% interest in the Dunquin licence with ExxonMobil Exploration and Production Ireland (Offshore) Limited holding a 40% operated stake, whilst Providence and Sosina will retain 16% and 4% equity positions, respectively.

Additionally, ExxonMobil Exploration and Production Ireland (Offshore) Limited, Providence and Sosina have agreed to assume a cumulative 40% interest in the adjacent Eni operated Frontier Exploration Licence 1/99 (FEL 1/99), with the equity split 36%, 3.2% and 0.8%, respectively among the companies. FEL 1/99 covers a total of 6 offshore blocks (c. 1,500 sq kilometres).

Tags: Eni Norge AS, Providence Resources Plc